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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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Does bank ownership affect lending behavior? Evidence from the Euro area, Journal of Banking and Finance (2014). Ferri, Giovanni; Kalmi, Panu; Kerola, Eeva


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Ferri, Giovanni; Kalmi, Panu; Kerola, Eeva 
Number of authors
Status Published
Year of publication 2014 
Date 01.11.2014 
Name of article Does bank ownership affect lending behavior? Evidence from the Euro area 
Name of journal Journal of Banking and Finance
Volume of issue 48 
Pages 194-209 
Abstract We analyze the differences in lending policies across banks characterized by different types of ownership, using micro-level data on Euro area banks during the period 1999–2011 to detect possible variations in bank lending supply responses to changes in monetary policy. Our results identify a general difference between stakeholder and shareholder banks: following a monetary policy contraction, stakeholder banks decrease their loan supply to a lesser extent than shareholder banks. A detailed analysis of the effect among stakeholder banks reveals that cooperative banks continued to smooth the impact of tighter monetary policy on their lending during the crisis period (2008–2011), whereas savings banks did not. Stakeholder banks’ propensity to smooth their lending cycles suggests that their presence in the economy has the potential to reduce credit supply volatility.
Free text descriptor in English European banks, Monetary policy transmission, Commercial banks, Savings banks, Cooperative banks, Lending cyclicality 
JEL-codes G21, E52, L33, P13 
ISSN / e-ISSN 0378-4266 
auki Internet addresses
Additional information Available online 29 May 2014.